Nationwide to Erase money laundering
16 January 2003 | 5146 views | 0
The UK's Nationwide Building Society has implemented NetEconomy's Erase enterprise risk monitoring software to detect money laundering activity across its banking and saving accounts.
Using an integrated risk database, the Erase application detects and profiles financial patterns for each customer to identify suspicious transactions.
Russell Johnston, head of legal compliance (consumer affairs) and deputy group money laundering reporting officer, Nationwide, says: "Erase covers our branch network, as well as 'non-face-to-face' transactions, via our Internet bank and postal savings channels."
Netherlands-based NetEconomy says Erase utilises the Microsoft toolkit so is a good fit for the society's technical server-based architecture, enabling interfaces to be built easily.
Nationwide says it will also deploy the NetEconomy system to cover its treasury department and other products including loans, mortgages, credit cards and unit trusts.